Just now I saw someone talking again about "putting coins into a pool and just lying there collecting fees," and I couldn't help but sigh... The AMM curve, to put it simply, is just you helping the market quote automatically. When the price moves, your position is passively bought and sold, impermanent loss isn't mysticism; the more volatile the price swings, the more obvious it is. Of course, fees can compensate, but often they don't make up for it, especially during big fluctuations. Watching the gains increase and then realizing your principal is a bit less when you withdraw, that sense of disappointment is quite real.

It also reminded me of the recent debates over privacy coins/mixing compliance, with the community tearing each other apart fiercely. Actually, market making is the same; boundaries are very important: you might think you're just "providing liquidity," but you're also taking on path dependence and risk exposure. Anyway, I now prefer small positions, trying periodically to withdraw and check, and not to treat "automatic curve operation" as a safe box.